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The GBP/USD pair fell during the day on Thursday, testing the 1.45 level just below. Having said that, the market bounce significantly in order to form a bit of a hammer, which of course is a very positive sign. If we can break above the top of the hammer, the market should then continue to go higher for the short-term. Quite frankly though, anytime this market rallies we look for selling opportunities as it will probably take several attempts to break down below the 1.45 handle. We have no interest in buying at this point.

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